The electric heat tracing (EHT) market is expected to be worth USD 2.39
billion in 2017 and is expected to reach USD 3.26 billion by 2023, at a
CAGR of 5.3% between 2017 and 2023.

The growing demand for heat tracing systems from several industries such
as oil & gas, chemicals, and power & energy, increasing demand for
energy-efficient self-regulating cables, replacement of steam heat
tracing with electric heat tracing systems are some driving factors for
the growth of the electric heat tracing market, while devastating
effects of overlapping of heating cables restrains the growth of the
electric heat tracing market.

Self-regulating cables are most widely used for various applications
such as freeze protection and process temperature maintenance, floor
heating, and roof and gutter. These cables are easy to install as they
can be cut to any length in the field or during the design process,
minimizing waste and increasing installation flexibility since the
heating circuit is infinitely parallel. Hence, self-regulating cables
are more energy-efficient cables than any other type of cables.

Oil & gas held the largest share of the electric heat tracing market in
2016. In the oil & gas industry, heat tracing systems are used for
various purposes, namely offshore and onshore drilling, downhole heating
in midstream processing plants. The increase in projects of new
pipelines and expansion of old pipelines provide opportunities to the
players in the heat tracing system market. Moreover, many end-user
industries are replacing conventional systems, such as steam tracing,
with electric heat tracing systems as they more energy-efficient, which
is one of the major driving factors for the market growth.